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Author: United States. Congress Publisher: Createspace Independent Publishing Platform ISBN: 9781977635570 Category : Languages : en Pages : 312
Book Description
A legislative proposal to protect American taxpayers and homeowners by creating a sustainable housing finance system : hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Thirteenth Congress, first session, July 18, 2013.
Author: United States. Congress Publisher: Createspace Independent Publishing Platform ISBN: 9781977635570 Category : Languages : en Pages : 312
Book Description
A legislative proposal to protect American taxpayers and homeowners by creating a sustainable housing finance system : hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Thirteenth Congress, first session, July 18, 2013.
Author: United States. Congress. House. Committee on Financial Services Publisher: ISBN: Category : Government-sponsored enterprises Languages : en Pages : 0
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher: ISBN: Category : Housing Languages : en Pages : 100
Author: United States. Congress Publisher: ISBN: Category : Law Languages : en Pages : 1682
Book Description
The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher: ISBN: Category : Business & Economics Languages : en Pages : 208
Author: Nina Liao Publisher: ISBN: Category : Languages : en Pages : 39
Book Description
The U.S. bankruptcy system has served as a safety net for millions of Americans for the last 110 years, but it is failing to prevent foreclosures today. Amid angry investors pointing fingers at Wall Street and nervous federal officials answering to allegations, economists and bankruptcy judges debate the controversial modification of loans, a process called cram-down. Cram-down is a feature of bankruptcy law that permits a debtor to pay a creditor the value of the collateral instead of the full value of the loan. Under current law, judges can modify mortgages on vacation or second homes. Oddly, the Bankruptcy Code creates an exception for mortgages secured solely by the debtor's primary residence. For millions of distressed homeowners, this exception forces them to pay their mortgages in full despite sharply declining home values. Proponents of cram-down advocate for the elimination of this exception, but opponents warn that changing the status quo could exacerbate the housing crisis.Although keeping the current law is unacceptable, cramming down all undersecured mortgages is too risky because it can reduce access to credit and obstruct homeownership. Congress needs a unique two-part strategy that can adequately relieve Chapter 13 debtors affected by the recession while creating a sustainable bankruptcy system. First, Congress should pass a temporary cram-down relief measure. It should then implement a permanent system that relies on judicial discretion to modify loans consistent with jurisdictional Chapter 13 practices and needs. Based on the established means test of the 2005 Amendments, the temporary measure should provide relief quickly to distressed homeowners in Chapter 13, particularly victims of predatory lending. The relief measure should sunset, however, to account for unforeseeable consequences of cram-down. The permanent system will differ in that, while judges can continue to modify loans, they must treat cram down as a last resort and carefully pursue an objective inquiry. If designed and monitored carefully, cram-down can be a win-win proposition.
Author: United States. Congress
Author: United States. Congress
Author: United States. Congress. House. Committee on Financial Services
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Author: United States. Congress. House. Committee on Financial Services
Author: United States. Congress
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Author: United States. Congress. House. Committee on Financial Services
Author: United States. Congress. House. Committee on Financial Services
Author: 
Author: Nina Liao